I know this is not related to Tax Law directly, but I am curious to know how did this crisis begin! Also, now I am concerned that the next US president cannot cut taxes meaningfully due to the budget crisis! Any thoughts on this?

Even if account for a Sen McCain/Gov Pallin victory, it is inconceivable to imagine that the GOP could push for substantial tax cuts.

And, for a Pres Obama/Sen Biden, I cannot think that they can discount the possiblity of raising taxes on the MiddleClass. There is no other way he can pay for his programs.

Looks a like a difficult proposition going forward!!!!

Both the candidates have now become experts at offering giveaways to the American Electorate like drunken sailors, without properly explaining how they are going to be paying for these programs...In Sen McCain's case, how is he going to cut Estate Taxes and AMT taxes without making up the lost tax revenues, and in Sen Obama's case how is he going to be paying for the $1Trillion programs without increasing direct or indirect taxes!

These politicians are treating the American electorate as real sucker's! Folks, there are no free lunches..The basic old adage is still true! Save 20% of your earnings, don't spend money if don't have any, buy a home for 20-25% down and don't get hooked on credit card!

The world is going to change and US will have to accept the Post Bush World Economic model! America has to pay for its own excessive spending habits!